▲ People Power Party Floor Leader Jung Jeom-shik speaks during a floor countermeasures meeting held at the National Assembly on the 31st.
The People Power Party launched an all-out offensive against the government and the ruling party today (31st), linking the sharp fluctuations in the stock market, the plunge in the Kospi, and intensifying investor anxiety.
During a floor countermeasures meeting at the National Assembly, People Power Party Floor Leader Jung Jeom-shik criticized the Democratic Party's push to process legislation abolishing the prosecution's supplementary investigation rights, stating, "The Democratic Party should learn a lesson from the chaos caused in the stock market by hastily introducing single-stock leveraged ETFs (exchange-traded funds) without sufficient review and deliberation."
Secretary-General Jung Hee-yong also joined in, asking, "Despite the recent strong performance of our semiconductor companies, the stock market has fallen into extreme chaos. Can you see how abnormal the volatility of our market is?"
Kim Mi-ae, senior vice floor leader for policy, claimed, "Large-scale policy sinkholes are forming everywhere in South Korea's economy," adding, "The economic line of the Lee Jae-myung administration bears a heavy responsibility for stubbornly pursuing the wrong economic direction and completely failing to communicate with the market."
She then named Deputy Prime Minister for Economy Koo Yun-cheol, Cheong Wa Dae Chief of Policy Kim Yong-bum, Minister of Land, Infrastructure and Transport Kim Yun-duk, Minister of Employment and Labor Kim Young-hoon, Financial Services Commission Chairman Lee Eok-won, and Financial Supervisory Service Governor Lee Chan-jin, urging President Lee Jae-myung, "Dismiss all of these six figures immediately upon returning from your overseas tour, holding them accountable for the failure of economic policies."
Choi Eun-seok, senior deputy floor spokesperson, said in a commentary that day, "If retail investors suffered losses amounting to 56 trillion won through ETFs, who profited on the other side? Are the financial authorities grasping that reality?"
He went on to urge, "Suspicions are growing that only foreign speculative capital made massive profits on the sacrifice of retail investors. Establish fundamental preventive measures so that the public's assets never again become scapegoats for an amateur government."
In a separate commentary today, Senior Deputy Spokesperson Choi cited reports that the National Pension Service fund significantly decreased due to the stock market crash, pointing out, "In just a month or so, hundreds of trillions of won in the public's retirement assets were shaken along with the stock market."
Regarding the National Pension Service's domestic stock rebalancing, he emphasized, "It does not make sense to delay rebalancing under the pretext of worrying about market shocks. The National Pension Service is not the regime's stock market stimulus fund. As a pension fund responsible for the public's retirement, it should follow principles, not the market."
Lawmaker Kim Ki-hyun claimed on Facebook, "Circumstances have been revealed that the National Pension Service artificially delayed the profit-taking rebalancing that should have naturally been done when Samsung Electronics and SK Hynix surged in the first half of the year, engaging in the bizarre behavior of publicizing this to the market and fueling overheating. It is common sense to view that such treasonous acts were decided at least at the level of Chief of Policy Kim Yong-bum or higher."
Lawmaker Kim Min-jeon mentioned President Lee, Chief of Policy Kim, and National Pension Service Chairman Kim Sung-joo, saying, "We should even file a class-action lawsuit. Do not talk about pension depletion while increasing the burden on the public."
(Photo: Yonhap News)
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